Back in November I commented on a report released about the cost of raising a child, which suggested that it costs £166,000 to look after a child up until the age of 21.
A new report has come out today which suggests that in fact the figure is much lower – £43,000 – for raising a child to the age of 18. The reason for the big difference, according to the report’s authors, is that the more recent report is based on interviews with parents, rather than on national averages.
It also says that the most expensive period for having children comes when they are 16, when they cost £64 per week on average.
Of course, with kids more and more likely to carry on in full-time education and to remain living at home, the cost for parents is gradually rising. Plus parents are now much more likely to help their offspring onto the property ladder.
The survey conducted by debit card company Maestro for the Family Circle magazine, interviewed 1079 parents with 2129 children between them.